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Quarterly Consolidated Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2018
Quarterly Consolidated Financial Information (Unaudited) |
Quarterly Consolidated Financial Information (Unaudited) | 14. Quarterly Consolidated Financial Information (Unaudited) The following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2018 and 2017 (in thousands, except per share data).
2018 |  | 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter |  | Full Year
Total revenue (1) |  | $ | 70,497 |  | $ | 78,702 |  | $ | 80,958 |  | $ | 118,190 |  | $ | 348,347
Net income attributable to common shareholders |  | $ | 6,261 |  | $ | 7,528 |  | $ | 8,834 |  | $ | 17,274 |  | $ | 39,898
Basic earnings per common share |  | $ | 1.03 |  | $ | 1.28 |  | $ | 1.50 |  | $ | 2.99 |  | $ | 6.75
Diluted earnings per common share |  | $ | 1.00 |  | $ | 1.26 |  | $ | 1.47 |  | $ | 2.91 |  | $ | 6.60
Basic weighted average common shares outstanding |  |  | 6,104 |  |  | 5,878 |  |  | 5,900 |  |  | 5,782 |  |  | 5,915
Diluted weighted average common shares outstanding |  |  | 6,256 |  |  | 5,991 |  |  | 6,004 |  |  | 5,939 |  |  | 6,046
| (1) |  | Effective January 1, 2018, the Company adopted ASC 606 – Revenue from Contracts with Customers and has identified the transfer of engines and airframes from the lease portfolio to the Spare Parts segment for part out as sales to customers in accordance with the ordinary operations of our Spare Parts reportable segment. As such, the Company presents the sale of these assets on a gross basis and have reclassified the gross revenue and costs on sale to the Spare parts and equipment sales and Cost of spare parts and equipment sales line items from the net gain (loss) presentation within the Gain on sale of leased equipment line item. As a result of this change in presentation, Total revenue for the first, second and third quarters of 2018 increased by $6.6 million, $4.4 million and $3.0 million, respectively.
2017 |  | 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter |  | Full Year
Total revenue |  | $ | 77,946 |  | $ | 67,844 |  | $ | 65,861 |  | $ | 63,189 |  | $ | 274,840
Net income attributable to common shareholders |  | $ | 7,839 |  | $ | 5,657 |  | $ | 4,939 |  | $ | 41,864 |  | $ | 60,299
Basic earnings per common share |  | $ | 1.28 |  | $ | 0.94 |  | $ | 0.82 |  | $ | 6.87 |  | $ | 9.93
Diluted earnings per common share |  | $ | 1.25 |  | $ | 0.92 |  | $ | 0.80 |  | $ | 6.75 |  | $ | 9.69
Basic weighted average common shares outstanding |  |  | 6,114 |  |  | 6,036 |  |  | 6,055 |  |  | 6,090 |  |  | 6,074
Diluted weighted average common shares outstanding |  |  | 6,240 |  |  | 6,158 |  |  | 6,184 |  |  | 6,201 |  |  | 6,220

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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